ESIC Payment Challan Employers use the ESIC payment challan to deposit their ESIC contributions with the designated bank. It serves as proof of payment and contains essential details such as the employer’s name, address, ESIC code, the amount to be deposited, and the period for which the payment is being made on ESIC portal. … Read More »
New vs Old Tax Regime The new tax regime under the Income Tax Act in India, introduced in the Union Budget 2020-21, offers taxpayers an alternative tax structure with lower tax rates but without various deductions and exemptions available under the old tax regime. New tax regime: 1. Lower Tax Rates: The new tax regime… Read More »
Tax Deductions Here are the tax deductions available for diagnostic centers during ITR filing in India: 1. Section 80D: This section allows a deduction of up to Rs. 50,000 on medical expenses incurred by the taxpayer, his/her spouse, children, parents, and dependents. This includes expenses incurred on hospitalization, surgery, consultation fees, diagnostic… Read More »
Tax Deductions for Architectural Tax Deductions for Architectural, engineering, and surveying services can claim certain tax deductions while filing their Income Tax Return (ITR). These deductions help reduce the taxable income and subsequently lower the tax liability. Here’s an explanation with three hashtags related to the answer: 1. ProfessionalExpensesDeduction: Professionals in architectural, engineering,… Read More »
ITR for Automotive Repair Services When filing your ITR for Automotive Repair Services, there are several tax deductions you can consider. 1. Business Expenses Deduction: You can claim deductions for various business-related expenses incurred in providing automotive repair services. This includes expenses such as tools, equipment, spare parts, and salaries of technicians. These expenses… Read More »
Tax Deductions During ITR Filing Tax Deductions During ITR Filing in India, businesses in the Motion Picture & Video: Studios & Theatres category can avail of several tax deduction to reduce their taxable income during the income tax return (ITR) filing process. Depreciation: Motion picture studios and theatres can claim depreciation on assets like… Read More »
Chemists Claim Deductions Under Section 80C/80D/80G Yes, a Chemists Claim Deductions Under Section 80C/80D/80G, etc., subject to the following conditions: 1. Section 80C: The maximum deduction under Section 80C is Rs. 1.5 lakh in a financial year. This deduction is available for investments made in various savings schemes, such as PPF, ELSS, NSC, LIC, etc.,… Read More »
Online Content Creators Record Expenses in Bookkeeping Online content creators categorize and record expenses in their bookkeeping by following a structured approach that helps them maintain accurate financial records and maximize deductions. Here’s how they typically do it: 1. Expense Categories: Content creators classify their expenses into relevant categories, such as equipment and software, marketing… Read More »
Capital Gain capital gain Introduction: Tax planning plays a crucial role in managing one’s financial affairs and maximizing after-tax income. which arise from the sale of assets such as stocks, real estate, or businesses, are subject to taxation. However, with effective tax planning strategies, individuals and businesses can optimize their capital gains tax liability… Read More »
Amalgamation of companies Amalgamation of companies “Tax Planning in Company Amalgamations”: Tax planning, within the context of amalgamation of companies, refers to the strategic approach of structuring the transaction in a way that minimizes the tax implications for the participating companies and shareholders. Here’s a unique perspective on tax planning with reference to company amalgamations:… Read More »